Bank Nifty Moving in as per Time Cycle, Elliott Wave and Open Interest!
Sep 28, 2021
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Bank Nifty movement is precisely as expected as per the Time Cycle and Elliott wave path that was shown on 22nd September 2021- Refer the same over here
We showed a path and Bank Nifty rallied by more than 1200 points on upside after the research was published. This was on the basis of Time cycle reversing back on upside and Elliott wave pattern also suggested a possible triangle pattern.
Bank Nifty hourly chart – Anticipated on 22nd September
Happened:
As shown on the above chart prices have moved as expected. We can clearly see that the highest OI on call side is now near 38000 levels. Prices are moving below this and crossing back above it is going to be challenging.
Elliott wave pattern – Prices moved higher as expected in wave c and now we are seeing a move lower in form of wave d. After completion of this wave d we can then expect wave e to push prices back towards 38k levels.
Time Cycles – This is the most important element and 36500 seems to be the important support level. Not on the basis of price but on the basis of Time cycle low. The next cycle low will be on 8th October. So keep this date on record and so that day will provide opportunity for positional traders again. Until then prices can move as per the path shown.
In a nutshell, Bank Nifty can continue to move as per the simple Timing tools combined with Open Interest and Elliott Wave chart. This shows power of Timing the market which is utmost important for Derivative trader – Option trader. One can accordingly sell Call and Put options and form the strategy.
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